In Part I of this series on taxes, we discussed federal taxes, and in Part II, we discussed state taxes. For Part III, we will discuss local taxes in California and generally. In California, local taxes are typically handled through the county tax assessor/collector. We will specifically discuss property taxes and taxes on the transfers of property. Local Taxes: Property…
In Part I of this series on taxes, we discussed federal taxes. For Part II, we will discuss state taxes. State Taxes: Income Taxes The first type of state tax that affects estate planning is individual income tax. Like federal income tax, state income tax can apply to individuals, married couples, and entities, including trusts. Income tax is a tax…
In a famous quote by Benjamin Franklin, “nothing can be said to be certain, except death and taxes.” Now taxes are not fun; however, they are certain, and there are many different kinds of taxes. In estate planning, we deal with several different types of taxes, and people often mix them up. Here we will lay out the different types…
Big Three from Episode #068: Be thoughtful about which type of plan you genuinely want to be a part of if you were to get sick in the future.Make sure you have a Medigap plan to help protect your retirement savings.Some decisions are irretrievable, so you must make sure you seek help, ask questions, and talk to someone to pick…
Big Three from Episode #067: If you’re including any type of real estate in your estate plan, it’s vital to discuss with your attorney and understand how Prop 19 can impact you and your loved ones.Make sure your children are included in the discussion and planning process.Do not panic. There are workarounds and ways to protect your assets and beneficiaries.…
This seems like a simple question, right? My retirement goes to the person I listed as my beneficiary (spouse, kids, etc.). Most of the time this is true, yet we also get a fair share of people having to file a probate for an IRA or having to request the court to allow someone to set up a special needs…
You may or may not already have your estate planned for when you die, but did you know that you can also make gifting your assets while you are alive a part of your estate plan? Most people are aware that you, as an individual, can gift up to $15,000 per year to any other individual without having to report…